Money Transfers

Before you start

Creating a money transfer

Limits and timescales

Unsuccessful transfers

You can use money transfers to quickly and easily transfer money:

Between your Co-operative Bank and smile account
To a known payee — someone you've paid before
To a new payee — someone you haven't paid before.

On this page, we explain how to create a money transfer, what the limits are and the possible reasons your transfer could be unsuccessful.

Before you create a money transfer

You'll need a few things handy, including access to your phone and emails so you can receive a verification code, and the below information.

You'll always need:

The amount you want to transfer
The date you wish to transfer it, if it's not an immediate payment
Payment reference (if you're paying a business).

To transfer money to a payee you haven't paid before, you'll also need:

The payee's sort code and account number
The payee's full name, as on their account.

Create a money transfer in online banking

There are a few different ways to create a money transfer in online banking. They differ depending on the account type, whether you've transferred money to the recipient previously, or if you're transferring between your own accounts.

Create a money transfer in the mobile app

Log into the mobile app, and:

Select Pay & Transfer.
Select the account you want to transfer from.
Select the type of transfer you want to make.
Select the account you want to transfer to.
Complete the information required in each box.
Select Continue for payments to an existing payee or Verify payee if you're paying someone new.
Finally, select Confirm & pay to complete the money transfer.

If you're paying a bill, always check the information on the bill. You may need to contact the company you're paying. You can do this on a trusted phone number, website or verified communication.

Finally, check if your transfer has been successful

In order to confirm that your money transfer has debited your account, you may need to log out of your account and then log back in.

If your transfer is successful

If successful, you'll see a confirmation message saying that your payment request has been sent. We'll also save the details of the person or business you paid as a 'saved payee'. Now you'll be able to transfer them money without having to enter their details again.

When you've finished, you can click 'Return to my accounts' to go back to the main app screen.

If your transfer is unsuccessful

If unsuccessful, it could be because:
- You entered an invalid account number or sort code for your recipient
- You didn't have the necessary funds in your account
- You didn't have internet connectivity.
If your payment was unsuccessful for any of these reasons, you can try correcting the issue and creating a new money transfer. If you still cannot make your transfer please contact us.

If you want to send the money at a future date, enter the date you want the payment to go in the 'payment date' field. If the date you chose is a weekend or a bank holiday, the payment won't be processed until the next business day.

Payment limits

To help protect you against fraud, we limit the amount you can pay in our mobile app and online banking. Here’s how you can make payments depending on how much money you want to send.

Making a payment up to £19,999.99

You can do this in our mobile app and online banking.

Making a payment over £19,999.99 and up to £100,000

You need to do this by calling us on 03457 212 212.

Lines are open Monday to Friday, 8am to 6pm, and Saturday and Sunday, 9am to 5pm. Call charges apply.

If you prefer to send a CHAPS transfer, please log into online banking, send us a secure message, and state which account you wish to make the payment from. CHAPS transfers cost £25 per payment.

Any payments over £100,000

You must send this as a CHAPS transfer.

To request one, please log into online banking, send us a secure message, and state the payment details and which account you wish to make the payment from. CHAPS transfers cost £25 per payment.

Payment timescales

When transferring money to a different bank, or to another person's Co-operative Bank or smile account, the money is processed via the Faster Payment service and should normally reach the payee's account immediately.

But there are a few exceptions where it may take a little longer, including when you transfer:

From your Co-operative Bank or smile account to any Co-operative Bank or smile credit card or charge card.
To another Co-operative Bank or smile account when you include a reference — for immediate payment, please leave the reference field blank.

Allow 2 business days for credit cards payments to be processed

Please consider this timescale to avoid any unnecessary fees. You'll need to pay any charges and interest if you miss your card minimum payment due date, in accordance with your terms and conditions. Interest will be charged on all transactions shown on your statement, calculated from the date each transaction was added to your account until full payment is made and credited to your account. Read more about credit card charges.